No abstract

Economists note that financial markets are experiencing alternating periods of euphoria and depression. The question they ask is to know how to "beat the market". Some, relying on the analysis of covariance, affirm portfolio diversification, others lean towards the reflexive interaction "players" and the market, others base their theory on their own experiences, give particular attention to the intrinsic value of the business and provide a strong distinction between the investor and the speculator. In this article we will discuss the relative merits of two classic strategies of prediction, "fundamental analysis" versus "technical analysis "(or" Chartism ") and this for different cases of figs for markets with and without memory.

In a depressed global Economy and characterized by a severe crisis in the global financial system, Islamic Finance was distinguished by its resilience to the crisis. The performance of Islamic Finance tools, such as stock indices, has been the subject of several academic researches. However, the results have been conducted so far are divergent on the outperformance or underperformance of this category of indices, hence the importance of this first analysis in this area. The article presents the analytical approach leading to different performance tests before presenting the Islamic market indices that constitute our scope. Our first results help us to demonstrate that Islamic indices are not less efficient than conventional indices.